Can someone please explain why by 4 quarterly IRS payments are much higher than owed in my 2023 tax return? I owe $3,983 and each quarterly payment is $1,555.

[Kris-K]

Is your total '23 tax ~~ $6,220 ($1,555*4)?

[RobertB4444]

The estimated payments are based on the total amount you owe and - if your income is high enough - can be based on 110% of that.  The amounts would include any estimated payments that you made in 2023 plus the balance owed on your return.  

@martin-shipon 

[xmasbaby0]

You do know that those 1040ES vouchers are not to use for paying your 2023 tax due, right?  Your 2023 tax due needs to be paid by April 15, 2024.  Those four 1040ES vouchers are for paying estimated quarterly payments toward the tax you may owe for tax year 2024.   The IRS does not require you to use them---they are optional --- but they may save you from owing a big tax bill at tax time next year and may help you avoid an underpayment penalty next year.